Motorola Solutions agrees to buying Psion for $200m
updated 12:45 pm EDT, Tue June 19, 2012
Psion purchase to strengthen Motorola Solutions computing line
Motorola Solutions is to acquire UK-based Psion. The sale will see the the rugged device maker be bought by the remaining section of Motorola, not currently owned by Google, at an agreed price of $200 million. Motorola Solutions hopes the deal will help it cut costs and to strengthen its mobile computing portfolio.
The cash offer sees Motorola Solutions paying 88 pence (~$1.38 USD) per Psion share, a 45 percent premium on the closing price from June 14, which also represents a 66 percent premium to the six-month average. The acquisition is expected to close toward the end of this year, with Psion becoming part of Motorola Solutions' Enterprise Mobile Computing business.
Psion is still best known as the creator of the Psion Organizer, originally launched in 1984. Further iterations saw a Series 5 clamshell design with a keyboard and an operating system called EPOC, later renamed Symbian and bought by Nokia. Currently, Psion specializes in vehicle-mounted and rugged mobile computers, with a focus on enterprise. [via Tech Week Europe]
